Reserve Financial institution of India on Thursday introduced to extend the transaction fee restrict from Rs. 200 to Rs. 500 for UPI Lite in offline mode. UPI Lite was first launched in September 2022, permitting customers to make transactions for a small quantity restrict in offline mode. Since then, the function has been adopted by PhonePe, Paytm, and Google Pay as effectively. In the meantime, just a few different options together with conversational funds and NFC assist on UPI have additionally been proposed to make transactions extra seamless.
RBI Governor Shaktikanta Das in a press convention right now introduced a few main modifications coming to offline UPI funds and extra. UPI Lite transactions restrict has been proposed to be elevated from Rs. 200 to Rs. 500 in offline mode. Nevertheless, the general pockets restrict is retained at Rs. 2,000 solely. The performance was introduced in September 2022, and it at present permits customers to make offline funds of as much as Rs. 200 solely.
Moreover, RBI additionally proposed to allow “Conversational Funds” on UPI by utilizing AI-powered programs. Customers will quickly be capable of ask an AI-powered system to make funds. Nevertheless, additional particulars on this performance have not been disclosed but. The function will initially be accessible in Hindi and English and can be made accessible in additional Indian languages quickly.
Moreover, the RBI additionally introduced to introduce offline funds on UPI utilizing Close to Area Communication (NFC) know-how via the ‘UPI-Lite’ on-device pockets. This may assist customers to make funds by way of UPI in an internet-restricted space or low community space.
Final month, Google Pay launched new UPI Lite providers on its platform. Transactions made by way of the UPI Lite service on Google Pay won’t require the UPI PIN and will be performed with a single faucet. Notably, UPI Lite would not depend on real-time financial institution transactions and therefore, will be accessed in offline mode as effectively.
